Several stories have appeared in national media outlets addressing the possible buyout of Il Fornaio and Corner Bakery Cafe, expected to be completed by June. The purchasing company, Roark Capital Group, also owns Focus Group, parent company of Auntie Anne's, Carvel, Cinnabon, Moe's Southwest Grill, Schlotzsky's and Seattle's Best Coffee. Other Roark companies include McAlister's Deli and Wing Stop.
Terms of the deal have not been disclosed and executives with both companies have said they can't discuss the sale; however, Bernard Vaughan, senior editor at Buyouts Magazine, has said that Bruckmann Rosser Sherrill & Co. has agreed to sell both brands. Bruckmann purchased 21-unit Il Fornaio in 2001 and 119-unit Corner Bakery Cafe in 2006.
Corner Bakery Cafe has been on a growth track for the past several years. In 2010, the chain announced plans to double its Texas presence in its homestate throughout the next four years. And in 2009, the company signed an agreement with PhaseNext Hospitality to develop 12 Corner Bakery Cafe locations in non-traditional venues over the next five years.
Corner Bakery was founded in 1991 by Lettuce Entertain You and was sold to Brinker International in 1995. In 2006, the company was purchased by Il Fornaio and equity investment firm Bruckman, Rosser, Sherrill & Co. LLC. The company is led by Mike Hislop as CEO and Jim Vinz as president.
